Shareholders' Equity

12 Months Ended

Dec. 31, 2021

Shareholders' Equity

Shareholders' Equity

Note 5. Shareholders’ Equity

Cash Dividends

The company declared cash dividends of $210.9 million, or $1.04 per common share, during 2021; $210.5 million, or $1.00 per common share, during 2020; and $209.5 million, or $0.96 per common share, during 2019. The company paid cash dividends of $213.0 million, $209.2 million and $200.3 million during 2021, 2020, and 2019, respectively.

Note 5. Shareholders’ Equity (Continued)

Treasury Stock

In February 2020, the board of directors authorized a share repurchase program of up to $500.0 million of the company’s common stock. This program was exhausted in July 2021. In July 2021, the board of directors authorized an

additional share repurchase program of up to $1.0 billion of the company’s common stock. Under the above share repurchase programs, and similar prior programs, purchases take place as and when the company determines in open market or private transactions made based upon the market price of the company’s common stock, the nature of other investment opportunities or growth projects, the company’s cash flows from operations, and general economic conditions. The share repurchase programs do not require the company to acquire any specific number of shares, and may be modified, suspended, extended or terminated by the company at any time. The share repurchase programs do not have an expiration date. The company repurchased 16.9 million shares for $1.1 billion during 2021, 4.4 million shares for $106.5 million during 2020, and 11.3 million shares for $348.6 million during 2019 under the share repurchase programs. At December 31, 2021, the company had remaining authorization to repurchase $383.4 million of additional shares under the 2021 share repurchase program.